Components of Income Tax Expense Benefit (Tables)

12 Months Ended

Dec. 31, 2012

Components of Income Tax Expense Benefit

Federal income tax expense differs from the amount computed

The Federal income tax expense differs from the amount computed by applying the corporate tax rate of 35% to the income before income taxes as follows:

	2012			2011			2010
Computed “expected” income tax (benefit) expense		(1,955	)		(2,556	)		(34,368	)
Book to tax differences in gains on sale of property.		(8,503	)		2,184			419
Book to tax differences from entities not consolidated for tax purposes		(3,831	)		(3,228	)		(3,638	)
Book to tax differences of depreciation and amortization		1,460			1,556			1,871
Valuation allowance against current Net Operating Loss benefit		5,387			9,283			51,685
Other book to tax differences		7,442			(7,239	)		(15,969	)
		-			-			-
Alternative Minimum Tax		-			-			-

Deferred Tax Assets and Liabilities Temporary Differences

The tax effects of temporary differences that give rise to the deferred tax asset are as follows:

	2012			2011			2010
Net operating losses and tax credits		70,235			68,968			82,398
Basis difference of
Real estate holdings and equipment		1,159			(2,500	)		(54,602	)
Notes receivable		8,248			5,314			10,329
Investments		(13,824	)		(14,660	)		(14,462	)
Notes payable		17,691			25,299			56,208
Deferred gains		18,170			28,181			41,312
Total		101,679			110,602			121,183
Deferred tax valuation allowance		(101,679	)		(110,602	)		(121,183	)
Net deferred tax asset		-			-			-